Dubai – Mubasher: Emaar Properties and Emaar Malls received the Securities and Commodities Authority’s (SCA) approval for the potential merger, according to a statement on Monday.
The shareholders of Emaar Malls, excluding those in Emaar, will receive 0.51 of Emaar Properties’ shares for every one share of Emaar Malls’ share. This would represent a premium of 7.1% above the closing price of Emaar Malls on 1 March, the last trading day prior to the merger announcement.
The merger is still subject to meeting multiple conditions, including approval of the merger by shareholders who own at least 75% of the shares represented at general meetings of both parties.
The boards of the two companies are expected to call for holding an ordinary general meeting on 10 October.
